FX.co ★ USD/CAD analysis for September 02, 2019 - Breakout of the Acending triangle

USD/CAD has been trading upwards. The price tested the level of 1.3360. I still expect more upside and potential test of 1.3420.

Red horizontal line – Important resistance and upward objective

Yellow rectangle - major support area

Pink rising line – Expected path

MACD oscillator is showing new momentum up, which is good confirmation for the further upside. Key support is at 1.3330 and 1.3320 and resistance at 1.3420. Bears need to be very cautious as there is strong upward momentum in the background and the breakout of the 20-day ascending triangle, which is another good confirmation for the upside. Watch for buying opportunities on the dips with the main target at 1.3420.